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2013 January » Center for Ethics and Entrepreneurship

Kaizeninterviewee Steve Mariotti writes about his Network For Teaching Entrepreneurship’s programs in Europe. “Youth unemployment,” he says, “Is one of the biggest problems in the world. Its impact is particularly evident in Europe, where in November youth unemployment rates hit 23.7 percent in the European Union, and a whopping 57.6 percent in Greece and 56.5 percent in Spain. I believe youth entrepreneurship education can bring these horrible unemployment rates down.”

On January 17, Dr. Hicks gave a talk to the Bastiat Society in Panama entitled “The Morality of Capitalism.”

Abstract:

What makes free-market capitalism good? Advocates give many reasons. Friedman emphasizes its wealth-generating prowess. Rand cites its protection of economic liberties. Hayek emphasizes its coordination of dispersed knowledge. Others cite its cultivation of individuality, its lessening of racism and sexism, its encouraging of self-responsibility, its promotion of peace between nations, and so on.

I believe all of those claims are true—though there is lively debate among free-market advocates about which has priority in making the case for the morality of markets. In this talk, I will plunge into that debate and argue that the various claims about the virtues of markets are harmonious rather than divisive—i.e., that Friedman, Rand, Hayek, and others are each contributing an element of an overall case for the morality of free-market, liberal capitalism.

Note: The Bastiat Society is named for Frédéric Bastiat, the great nineteenth-century liberal public intellectual.

Lance Armstrong’s much-publicized interview with Oprah, in which he reportedly confesses to using performance enhancing drugs, will air tonight (January 17, 9pm ET, OWN). CNN asked columnists, authors, and sportswriters whether we should “give Lance another chance.” CEE professor Shawn Klein was among the responses CNN published. Dr. Klein wrote:

“After years of adamant denials and protestations of his innocence, Lance Armstrong has reportedly come forward to admit his use of prohibited performance enhancing drugs. If Armstrong is sincerely contrite and forthright in his apology, most people, including myself, will forgive him for his use of prohibited drugs.

He cheated in a sport known for its widespread cheating; that doesn’t justify his use but it does put his actions into an understandable context that makes it easier to excuse the use. Further, if Armstrong cooperates with the U.S. Anti-Doping Agency, his lifetime ban from cycling ought to be reduced to something more reasonable.

The more troubling aspects of the Armstrong case are the allegations that he harassed and intimidated team members and potential whistle-blowers. Violating the arbitrary rules of a sport shows a character flaw and poor judgment, but it is hard to see who else is truly harmed by such actions. But to threaten, intimidate and coerce others (either to use performance enhancing drugs themselves or to cover up his team’s use) causes real harm.

Even if only some of these reports are accurate, Armstrong will have to do more than sit on Oprah’s couch to earn forgiveness.”

Nathan Harden writes a sweeping overview of “The End of the University as We Know It” for The American Interest Magazine. “We have reached a tipping point where new interactive web technology, coupled with widespread access to broadband internet service and increased student comfort interacting online, will send online education mainstream,” Harden says. Online students may miss out on some of the advantages of a residential college experience, but they will learn more efficiently, be able to choose from a more varied curriculum, and enjoy greater convenience, all at a lower price than traditional residential students pay. And universities will have to adopt this new model or become obsolete.

On January 7, Dr. Hicks gave a talk to over 40 young business executives at the Instituto de Estudo Empresariais (Institute for the Study of Entrepreneurship) in Porto Alegre, Brazil.

Hicks’s lecture focused on “Entrepreneurs as Heroes.” His theme showed that the entrepreneurial commitment to value creation is of profound moral significance. According to Hicks, “Many moral codes emphasize not doing bad things, or praise most those who give away or even take from others. But an entrepreneur is neither a taker nor a giver nor a non-doer — but rather an active doer who creates value and trades with others. So we need an entrepreneurially-based moral code.”

After the lecture, attendees participated in a lively debate centered on Hicks’s lecture.

“CONTRARIAN is a new film which chronicles the life of legendary investor, John Templeton, who ranks among the top investors of all time, alongside Warren Buffett and Peter Lynch. John’s resilience and his meteoric rise as an entrepreneur and investor can be attributed to lessons learned in his youth: think differently, live frugally, be willing to bet against conventional thinking, and, above all, be honest.”